Minesto welcomes enhanced cooperation between European Union and the Faroe Islands | PR Newswire [Video]

, /PRNewswire/ — Minesto, leading ocean energy developer, welcomes the newly signed Memorandum of Understanding (MoU) on Enhanced Cooperation between the Government of the Faroe Islands and the European Union. The enhanced cooperation opens for strengthened business and public funding opportunities for Minesto, proposing 200 MW tidal energy buildout to support Faroe Islands in reaching 100% renewables by 2030.

The Faroe Islands and national utility company Sev have one of the world’s most ambitious energy transition schemes, aiming for 100% renewables to 2030, where tidal energy can play a key role. Partly funded by EU programme Horizon Europe, Swedish tidal energy developer Minesto has grid connected and successfully installed its unique technology in the Faroe Islands.

An MoU on enhanced cooperation was mutually signed in Torshavn the 14^th of March, by the European Commission President Ursula von der Leyen and Prime Minister of the Faroe Islands Aksel V. Johannesen. Among the key priorities, the …